European Business Schools Librarian's Group

IESE Research Papers,
IESE Business School

No D/701: Responsible corporate governance: Towards a stakeholder board of directors?

Silvia Ayuso and Antonio Argandoña ()
Additional contact information
Silvia Ayuso: IESE Business School, Postal: Research Division, Av Pearson 21, 08034 Barcelona, SPAIN
Antonio Argandoña: IESE Business School, Postal: Research Division, Av Pearson 21, 08034 Barcelona, SPAIN

Abstract: The central question posed in this paper will be how to organize board composition in order to ensure responsible corporate governance both from a CSR and a good governance perspective. Adopting a stakeholder approach to corporate governance, we analyze the arguments given by different theoretical approaches for linking specific board composition with financial performance and CSR, and discuss the empirical research conducted. Despite the inconclusive findings of empirical research, it can be argued that diverse stakeholders on the board will promote CSR activities of the firm, but at the same time will increase board capital (which ultimately may lead to a better financial performance). Finally, we propose a model for selecting board members based both on ethical and pragmatic arguments.

Keywords: Board composition; corporate governance; corporate social responsibility; financial performance; stakeholders

29 pages, July 7, 2007

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